Forex: Sudanese Pound hits new lows against greenback
The value of the Sudanese Pound (SDG) has continued its downward trend against international currencies. Prices for the US Dollar and gold on the parallel market are soaring.
Khartoum street traders told Radio Dabanga that buying a US Dollar costs SDG 147. The Saudi Riyal exchange rate reaches SDG 36 and the UAE Dirham SDG 37. Buying Euros costs SDG 152. By contrast, the daily middle US Dollar rate quoted by the Central Bank of Sudan (CBoS) quotes SDG 55.1375 per Dollar.
Currency traders attributed the rise in the exchange rate to high demand for hard currency.
WFP wheat for Sudan
On Monday, the Ministry of Finance and Economic Planning and the World Food Programme (WFP) signed an agreement to purchase and import 200,000 tons of wheat to Sudan.
Hamid Nuru, Director of the World Food Programme (WFP) office in Sudan explained that according to the agreement the Sudanese government will pay for these quantities of wheat in the Sudanese Pound so that the Sudanese can be able to get cash to buy food from their local markets.
Nuru stated that the agreement is strategically beneficial for Sudan because it ensures the continuous supply of wheat. He also said that the agreement enables the Central Bank to keep more than 50 million Dollars as hard currency and fix the exchange rate.
USD 1 = SDG 55.1375 at the time of posting. As effective foreign exchange rates can vary in Sudan, Radio Dabanga bases all SDG currency conversions on the daily middle US Dollar rate quoted by the Central Bank of Sudan (CBoS).
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